Oil gains after draw in US inventories
LONDON: Oil prices rose on Wednesday after a reported sharp drop in US crude stocks as OPEC member Iraq said the producer group will discuss whether to deepen output cuts.
Brent crude futures gained 74 cents, or 1.25 per cent, to $63.12 a barrel by 0857 GMT, while West Texas Intermediate futures were up 81 cents, or 1.4 per cent, at $58.21 a barrel.
Oil prices have risen more than 7 per cent this month, supported by declines in global inventories and signs of an easing in trade tensions between the United States and China, the world’s two largest economies and energy consumers.
